…. launches taskforceThe head of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a strong warning regarding the misuse of Nigeria's currency, stating that altering, marking, and damaging the naira are illegal acts and not forms of cultural expression.
Olukoyede expressed this on Friday at a stakeholders' awareness session hosted by the Commission at the Colonades Hotel in Ikoyi, Lagos.
"The naira represents our independence," he stated, showing deep worry about the ongoing misuse of the national currency at social events.
"Nobody who strives to make money will go out and start tossing their hard-earned wages into the air," he added.
The head of the EFCC emphasized that the Commission, working together with the Central Bank of Nigeria (CBN), has established a dedicated Task Force to address Dollarisation and Naira misuse, with an increased emphasis on pursuing unlicensed foreign exchange operators and those who improperly handle the naira.
He rejected the idea that printing or marking money is a traditional practice, firmly declaring: "There is nothing traditional about damaging our national currency."
In response to critiques that the EFCC should focus solely on "high-profile crimes," Olukoyede stated, "A crime is a crime. Not knowing the law is never a valid excuse."
He pointed out that multiple celebrities are already facing legal action for currency misuse, highlighting the severity of the crime.
Under his guidance, Olukoyede stated, the EFCC has changed its approach from solely focusing on enforcement to prioritizing economic safeguarding.
"Contrary to past years, firms facing scrutiny are no longer closed down without reason. Updated procedures now guarantee that employment and investments remain secure throughout the inquiry," said the EFCC Chairman.
He also revealed that more than N100 billion in recovered stolen funds has been channeled into critical social intervention initiatives during the Tinubu administration.
These encompass the Nigerian Education Loan Fund (NELFund) and the CrediCorp consumer credit program.
These are not merely news stories. They represent actual actions supported by funds obtained from corrupt individuals and entities.
The EFCC has also retrieved money from the Niger Delta Development Commission (NDDC), which was used to support a skills development center and a representative office in Bayelsa State.
"In Kaduna, a property that was seized from a corrupt government employee now serves as the location for the newly founded Federal University of Applied Sciences in Kachia," he stated.
Olukoyede pointed out continuous global cooperation, resulting in the return of stolen money to victims in the United States, Spain, and Canada.
He also expressed concern about the penetration of Nigeria by foreign fraud organizations, noting that recent crackdowns in Lagos and Abuja resulted in the arrest of 792 individuals, most of whom were linked to global criminal groups.
"More than 150 people, primarily Chinese citizens, have already faced legal action," he stated.
Olukoyede emphasized the Commission's dedication to pursuing cases against individuals with significant political influence, stating that four former governors and three ex-ministers are currently facing corruption charges in court.
To enhance institutional prevention, he mentioned that the EFCC has established a Department of Fraud Risk Assessment and Control (FRAC) and initiated public awareness initiatives, such as EFCC Radio 97.3FM and consistent media interactions.
It is essential for everyone to contribute their voices to this national initiative aimed at restoring the value of the naira.
"This battle is not solely the responsibility of the EFCC, but a shared obligation," Olukoyede emphasized.
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